7th Apr 2025 11:43
(Alliance News) - AVI Japan Opportunity Trust PLC on Monday reported a sharp rise in net asset value return and earnings for 2024, outperforming its benchmark index and lifting its annual dividend.
The investor in small-cap Japanese equities said net asset value total return for 2024 was 20.9%, compared with 15.8% the year before and well ahead of the MSCI Japan Small Cap Index's return of 6.2%.
Pretax profit rose to GBP38.6 million from GBP25.2 million in 2023, while total earnings per share increased to 27.21 pence from 17.65p.
AVI Japan Opportunity proposed a final dividend of 1.20p per share, bringing the total payout for the year to 2.20p, up from 1.70p in 2023. Revenue earnings per share rose to 2.21p from 1.76p.
The company said the rise in earnings was supported by tender offer bids for four portfolio companies and continued engagement with investee firms to improve capital efficiency, governance and shareholder returns.
The trust's portfolio returned around 32% in Japanese yen terms, despite currency headwinds from a weak yen. Over the year, the company added 13 new holdings, with top contributors including e-commerce firm Beenos Inc and apparel group TSI Holdings Co Ltd.
Chair Norman Crighton said: "The mounting pressure for corporate reform will not subside in 2025. AJOT's focus on attractively valued, durable companies and active engagement positions it well to benefit from Japan's changing corporate landscape."
As at December 31, AVI Japan Opportunity's NAV per share stood at 155.4p, up from 130.3p a year earlier. The shares ended 2024 at 152.3p, reflecting a 2.1% discount to NAV, narrower than 2.5% at the end of 2023.
The company will hold its annual general meeting on May 20 in London. Its shares were down 5.3% at 136.43 pence in London on Monday morning.
By Eva Castanedo, Alliance News reporter
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